NEW YORK CITY — Locally based private equity firm Madison Realty Capital (MRC) has provided a $29.4 million bridge loan for a multifamily redevelopment project in the Forest Hills neighborhood of Queens. The borrower, a joint venture between multiple New York-based developers, will use the proceeds to acquire the former Parkway Hospital building and fund predevelopment costs. The joint venture plans to convert the site into a multifamily development with affordable seniors housing and condominium uses. A construction timeline was not disclosed.
METAIRIE, La. — Sims Mortgage Funding (SMF), a subsidiary of HJ Sims, has arranged a $10.8 million loan for Metairie Manor in the New Orleans suburb of Metairie. In 2012, SMF refinanced Metairie Manor, a 287-unit, Section 8, affordable seniors housing community owned and managed by affiliates of the Archdiocese of New Orleans. That refinancing, which paid off its HUD Section 202 direct loan, produced approximately $250,000 in annual debt service savings that have been used to fund wellness and affordable nutrition programs, resident units deep-cleaning services and enhanced transportation …
MIAMI — Swerdlow Group has broken ground on Sawyer’s Walk, a 1.4 million-square-foot mixed-use development in Miami’s Overtown neighborhood that will include 250,000 square feet of retail space below 578 apartments designated for low-income seniors. Swerdlow Group is collaborating with the Southeast Overtown/Park West Community Redevelopment Agency (CRA) on the $300 million project. Swerdlow Group and its partners, Delray Beach, Fla.-based SJM Partners and Miami-based Alben Duffie, acquired the 3.4-acre property at 249 NW 6th St. from the Community Redevelopment Agency for $10 million. Construction is scheduled for completion in …
SACRAMENTO, Calif. — Lument has closed a $28 million bridge loan to facilitate the refinancing and limited partner buyout of Greenfair Apartments, an age-restricted, low-income apartment property located in Sacramento. Aaron Wooler of Lument led the transaction on behalf of the borrower, Western America Properties, an affordable housing owner/developer. The firm specializes in acquiring, rehabilitating, preserving and managing HUD-insured, Section 8 apartment communities. Western America Properties originally acquired Greenfair Apartments in 2001 and subsequently renovated the 386-unit property. All units at the property benefit from project-based Section 8 housing assistance …
HOUSTON — Houston Housing and Community Development Department (HCDD), along with an affiliate of Atlantic Pacific Communities, has unveiled plans for Heritage Senior Residences, a mixed-income senior living community in Houston that will replace housing lost during Hurricane Harvey in August of 2017. The project was awarded $14.4 million in Community Development Block Grant-Disaster Recovery (CDBG-DR) funds. In addition, these funds were paired with $13.8 million of equity generated from the sale of housing tax credits, a $9.8 million permanent loan from Citi Community Capital, and a $20.5 million construction …
MARLTON, N.J. — Walters has opened the doors at Cornerstone at Greentree, an income-restricted seniors housing community in Marlton, a suburb of Philadelphia. Situated on 2.3 acres in Burlington County, the four-story building features 68 one-bedroom and two-bedroom apartments, with rents starting at $850 per month. Apartments are leased exclusively to residents whose incomes are at or below 60 percent of the area median income. Rental rates are based on the renter’s gross annual income, according to the rent/income requirements chart. A staff social services coordinator is available upon request …
SOUTHBRIDGE, Mass. — Arch Communities and WinnDevelopment have started a $25.7 million project that will transform the 104-year-old Mary E. Wells School in Southbridge into seniors housing. The property is located along the Connecticut border southwest of Worcester. Upon completion, the community will feature 62 apartments for seniors over age 55, with 48 of the apartments restricted for residents earning up to 60 percent of the area median income (AMI), eight reserved for up to 30 percent of AMI and six at market rates. The Massachusetts Department of Housing and …
BENSALEM, Pa. — Pennrose has opened Bensalem Veterans Residences, a affordable residential community for seniors and senior veterans age 62 years and older. Partners on the project included Pennsylvania Housing Finance Agency, Bucks County, the Bucks County Housing Authority and Bensalem Township The 39,673-square-foot apartment community offers 40 one-bedroom units in a three-story building in the Philadelphia suburb of Bensalem. The project was financed with Low Income Housing Tax Credits awarded by the Pennsylvania Housing Finance Agency. Hudson Housing Capital was the syndicator of these credits and Santander Bank is the …
HONOLULU — The Michaels Organization, in partnership with the City and County of Honolulu and the State of Hawaii, has broken ground on Halewai`olu Senior Residences, an affordable seniors housing community in downtown Honolulu. Scheduled for completion in 2023, the 17-story development sits on a 26,925-square-foot parcel owned by the City and County of Honolulu. The property will feature 156 one- and two-bedroom affordable rental units. Construction of the $93.3 million project will be funded using a combination of $48 million in Hula Mae Multi-Family (HMMF) tax-exempt bonds, $21.3 million …
NEW YORK CITY — JLL Capital Markets has arranged the $31.7 million sale of a 57,035-square-foot lot at 70-35 113th Street in Forest Hill, Queens, with plans for two multi-housing development projects totaling 318,238 square feet. JLL worked on behalf of the seller, Jasper Venture Group. The buyer was a partnership between Top Rock Holdings, RJ Capital Group and SYU Properties. The proposed project encompasses a 235,679 square-foot market-rate multifamily development, in addition to an 82,559 square-foot affordable senior living development. A recent survey by JLL revealed that, after a …